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  • MUMBAI: The Ministry of Corporate Affairs (MCA) On Monday Filed A Petition With The

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    Debdutta Bhattacharya
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    The Ministry of Corporate Affairs filed a petition with the National Company Law Tribunal to bar Deloitte Haskin & Sells and BSR and Co from auditing for five years due to lapses in their audit of IL&FS Financial Services Ltd, as the Serious Fraud Investigation Office chargesheet found they concealed information by not raising red flags about mis-statements in IFIN's accounts and allegedly colluded in concealing evergreening in IFIN's accounts, with Deloitte auditing IFIN for 10 years until 2018 when mandatory rotation led to BSR taking over in a parallel audit with Deloitte for 2017-18.

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    The Ministry of Corporate Affairs filed a petition with the National Company Law Tribunal to bar Deloitte Haskin & Sells and BSR and Co from auditing for five years due to lapses in their audit of IL&FS Financial Services Ltd, as the Serious Fraud Investigation Office chargesheet found they concealed information by not raising red flags about mis-statements in IFIN's accounts and allegedly colluded in concealing evergreening in IFIN's accounts, with Deloitte auditing IFIN for 10 years until 2018 when mandatory rotation led to BSR taking over in a parallel audit with Deloitte for 2017-18.

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    6 views1 page

    MUMBAI: The Ministry of Corporate Affairs (MCA) On Monday Filed A Petition With The

    Uploaded by

    Debdutta Bhattacharya
    The Ministry of Corporate Affairs filed a petition with the National Company Law Tribunal to bar Deloitte Haskin & Sells and BSR and Co from auditing for five years due to lapses in their audit of IL&FS Financial Services Ltd, as the Serious Fraud Investigation Office chargesheet found they concealed information by not raising red flags about mis-statements in IFIN's accounts and allegedly colluded in concealing evergreening in IFIN's accounts, with Deloitte auditing IFIN for 10 years until 2018 when mandatory rotation led to BSR taking over in a parallel audit with Deloitte for 2017-18.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    of 1

    MUMBAI: The Ministry of Corporate Affairs (MCA) on Monday filed a petition with the National

    Company Law Tribunal (NCLT) Mumbai to bar Deloitte Haskin & Sells and BSR and Co for a
    period of five years for lapses in the audit of IL&FS Financial Services Ltd (IFIN).
    MCA’s decision to prosecute the two audit firms -- BSR and Co, a KPMG affiliate and Deloitte
    Haskin and Sells -- is based on a chargesheet filed by the Serious Fraud and Investigation Office
    (SFIO) on 30 May.
    The audit firms have been charged with concealing of information by not raising red flags on the
    mis-statements in the accounts of IFIN. The SFIO chargesheet pointed to evergreening in the
    accounts of IFIN and the auditors allegedly colluded and concealed the information.
    Deloitte was the auditor of IFIN for 10 years starting 2008. Its tenure ended in 2018 due to
    mandatory auditor rotation. This is when BSR stepped in. In 2017-18 Deloitte and BSR did a
    parallel audit of IFIN.

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